Barclays To Layoff 2,000 Workers As Part Of $1.25 Billion Cost Cutting Plan
According to Reuters, Barclays is working on cost-cutting plans worth 1 billion pounds ($1.25 billion), which could include around 2,000 job cuts, primarily in the British bank's back office.
Managers at the company are currently reviewing proposals to increase profitability. On the condition of anonymity, the person stated that if the plans were fully implemented, 1,500 to 2,000 jobs could be lost.
The management team is led by chief executive CS Venkatakrishnan. He stated that the potential cuts would primarily be at Barclays Execution Services, or 'BX,' and would be part of an overall target of reducing expenses by up to 1 billion pounds across the group over several years.
Barclays has cut bonuses and jobs in its retail and investment banking businesses in recent years to cut costs. However, Reuters reported that the moves to shrink BX and the potential savings had not previously been reported.
According to Reuters, the BX headcount discussions are ongoing, and Barclays may decide to prioritise layoffs in other areas. BX's staffing and costs have increased significantly in recent years.
